Average Clause Sample Clauses

Average Clause. An average clause in a fire insurance contract is applicable when there is under insurance and it is applied to discourage under insurance. The average clause limits the liability of the insurer to that proportion of actual amount of loss which the sum insured bears to the total value of stock affected by fire. _ Cr To, Opening Stock To, Purchases (Net) To, Wages To, Carriage inwards To, Manufacturing Expenses To, Any other direct Expenses To, Gross Profit (% on Sales) Rs xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx By, Sales (Net) By, Closing Stock on the date of fire (balancing figure) Rs xxxxx xxxxx XXXX XXXX
Sample 1
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Average Clause. If closing stock is greater than the amount of policy Amount of Loss x Policy
Sample 1
Average Clause. The Principle of Indemnity The Principle of Contribution The Principle of Subrogation
Sample 1
Average Clause. If at the time of loss or damage The Property Insured is collectively of a greater value than the total sum insured, You shall be considered as being Your own insurer for the difference and bear a rateable share of the loss accordingly. It is a condition of this insurance that You will act with reasonable dispatch in all circumstances within Your control.
Sample 1
Average Clause. With respect to Special Property with Sub-limits of Insurance as described under Coverage C - Personal Property, the Average Clause applies: i) to each class of Special Property having a Sub-limit that exceeds $10,000, except for Fine Arts; ii) to Special Property Classified as Fine Arts when the Sub-limit is greater than $25,000. The Average Clause requires the Insured shall obtain and maintain insurance in an amount representing at least eighty percent (80%) of the Replacement Cost of the item. Failing to do so, the Insured shall be a coinsurer to the extent of an amount sufficient to make the aggregate insurance equal to eighty percent (80%) of the Replacement Cost, and in that capacity shall bear his/her proportion of any insured loss that may occur.
Sample 1
Average Clause. If the covered property shall, at the commencement of the cover period immediately preceding an occurrence, be collectively of greater value than the declared value thereon, the participant shall be considered as being their own company for the difference, and shall bear a rateable share of the loss accordingly. If the covered property shall, at the time of reinstatement, be collectively of greater value than the declared value thereon, the participant shall be considered as being their own company for difference, and shall bear a rateable share of the loss accordingly.
Sample 1

Related to Average Clause

  • ZIPPER CLAUSE 1. This Agreement sets forth the full and entire understanding of the parties regarding the matters herein. This Agreement may be modified, but only in writing, upon the mutual consent of the parties.

  • BREAK CLAUSE IF YOU HAVE OPTED FOR A FIXED TERM CONTRACT YOU WILL NOT HAVE THE DETAILS OF A BREAK CLAUSE NOTED IN YOUR PARTICULARS. 5.1. The Landlord shall be entitled to serve upon the Tenant Statutory Notice of not less than two calendar months to break this tenancy. Such Notice: 5.1.1. Shall be at least 2 months’ notice to break this Tenancy 5.1.2. Shall not expire before the end of the «D0000_401C_0#Landlord_notice_take_effect» month of the term 5.

  • Final Clauses This Agreement will enter into force upon signature by both Parties and shall remain in force until completion of all obligations of the Parties under this Agreement.

  • DISCOUNT CHANGE CLAUSE The contractor may offer larger discount percentages for products, accessories, replacement parts and attachments at any time during the contract term.

  • DURATION CLAUSE 1. This Agreement shall be in full force and effect from May 1st, 2022 to and including April 30th, 2027 and shall continue from year to year thereafter unless written notice of desire to cancel or terminate the Agreement is served by wither party upon the other not less than sixty (60) and not more than ninety (90) days prior to April 30th, 2022 or April 30th of any subsequent year. 2. Where no such cancellation or termination notice is served and the parties desire to continue said Agreement, but also desire to negotiate changes or revisions in this Agreement, either party may serve upon the other a written notice not less than sixty (60) and not more than ninety (90) days prior to April 30th, 2022, or April 30th of any subsequent contract year, advising that such party desires to revise or change terms or conditions of such Agreement. The respective parties shall be permitted all legal or economic recourse to support their requests for revisions if the parties fail to agree thereon. Nothing herein shall preclude the parties from making revisions or changes in this Agreement, by mutual consent, at any time during its term.

  • Mortgage Clause 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. 2. If we deny your claim, that denial will not apply to a valid claim of the mortgagee, if the mortgagee: a. Notifies us of any change in ownership, occupancy or substantial change in risk of which the mortgagee is aware; b. Pays any premium due under this policy on demand if you have neglected to pay the premium; and c. Submits a signed, sworn statement of loss within 60 days after receiving notice from us of your failure to do so. Paragraphs F. Appraisal, H. Suit Against Us and J. Loss Payment under Section I – Conditions also apply to the mortgagee. 3. If we decide to cancel or not to renew this policy, the mortgagee will be notified at least 4. If we pay the mortgagee for any loss and deny payment to you: a. We are subrogated to all the rights of the mortgagee granted under the mortgage on the property; or b. At our option, we may pay to the mortgagee the whole principal on the mortgage plus any accrued interest. In this event, we will receive a full assignment and transfer of the mortgage and all securities held as collateral to the mortgage debt. 5. Subrogation will not impair the right of the mortgagee to recover the full amount of the mortgagee's claim.

  • Sunset Clause The provisions of this Section expires automatically on the expiration date of this Agreement.

  • WAIVER CLAUSE The parties acknowledge that during the negotiations which resulted in this Agreement, each had the unlimited right and opportunity to make demands and proposals with respect to any subject matter not removed by law from the area of collective bargaining, and that the understandings and agreements arrived at by the parties after the exercise of that right and opportunity are set forth in the Agreement. Therefore, the Employer and the Association, for the life of this Agreement, each voluntarily and unqualifiedly waives the right and each agrees that the other shall not be obligated to bargain collectively with respect to any subject or matter not specifically referred to or covered in this Agreement, even though such subjects or matters may not have been within the knowledge or contemplation of either or both of the parties at the time that they negotiated or signed this Agreement.

  • Savings Clause If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected thereby.

  • Mandatory Clauses Mandatory Clauses Part 2: Mandatory Clauses of the Approved Addendum, being the template Addendum B.1.0 issued by the ICO and laid before Parliament in accordance with s119A of the Data Protection Act 2018 on 2 February 2022, as it is revised under Section 18 of those Mandatory Clauses.

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